Earnings season begins in earnest: We have a handful of earnings this morning, with the Kingdom’s banks leading the pack as the Saudi National Bank, Al Rajhi Bank, Alinma Bank, and Banque Saudi Fransi — along with Bupa Arabia — all report their financials.

SAUDI NATIONAL BANK-

Saudi National Bank (SNB)’s net income grew 5.9% y-o-y to SAR 21.2 bn in 2024, on the back of a 4.2% increase in total operating income to SAR 36 bn, it said in a disclosure to Tadawul. SNB’s total income from financing rose 16.3% y-o-y in the same period to SAR 44.8 bn, while total income from investments increased 14.9% y-o-y to SAR 13 bn.

ALSO- SNB’s BoD will be distributing SAR 6 bn in dividends for 2H 2024 on 24 February, at SAR 1 per share, according to a separate disclosure.

AL RAJHI BANK-

Tadawul-listed Al Rajhi Bank saw its net income rise 18.7% y-o-y to SAR 19.7 bn in 2024, driven by a 16.4% increase in total operating income, it said in a disclosure to Tadawul. Al Rajhi’s total income from financing grew 18.7% y-o-y to SAR 39.8 bn, while total income from investments grew 39% y-o-y to SAR 7.2 bn.

ALSO- Al Rajhi’s BoD is distributing SAR 5.8 bn in dividends for 2H 2024 at SAR 1.5 per piece, the bank said in a separate disclosure. The distribution date was not disclosed. The bank previously distributed its 1H 2024 dividends valued at SAR 5 bn, bringing the total dividends for FY 2024 to SAR 10.8 bn (SAR 2.7 per share).

ALINMA BANK-

Tadawul-listed Alinma Bank saw its net income rise 20.5% y-o-y to SAR 5.8 bn in 2024, driven by higher operating and investment income, it said in a disclosure to Tadawul. Alinma’s total income from financing grew 22.1% y-o-y to SAR 14.1 bn, while total income from investments grew 22.3% y-o-y to SAR 2 bn.

ALSO- Alinma’s BoD greenlit a SAR 746.1 mn in dividend distribution at SAR 0.3 per share for 4Q 2024, the bank said in a separate disclosure. The distribution date was not disclosed.

BANQUE SAUDI FRANSI-

Banque Saudi Fransi’s (BSF) net income increased 7.6% y-o-y to SAR 4.5 bn last year, on driven by a 3.6% increase in total operating income and a 6% drop in total operating expenses, according to a disclosure to Tadawul. Total income from financing was up 21.4% y-o-y to SAR 14 bn, while total income from investments increased 41.2% to SAR 2.4 bn.

In 4Q 2024: SNB’s net income was up 35% y-o-y to SAR 1.1 bn, from SAR 827 mn in the same period last year.

SAUDI INVESTMENT BANK-

Tadawul-listed Saudi Investment Bank (SAIB) reported a net income of SAR 1.96 bn in 2024, up 11.1% from 2023, on the back of a 5.3% rise in total operating income and a 19.2% reduction in provisions for credit and other losses, according to a statement. SAIB’s total income from financing was up 22.4% y-o-y to SAR 6.8 bn, while total income from investments increased 11.2% to SAR 2.1 bn.

In 4Q 2024, SAIB’s net income rose 14% y-o-y to SAR 510 mn, up from SAR 447.2 mn in the same period last year, according to separate earnings reports Argaam says it has seen. Meanwhile, operating income was up 11.2% y-o-y to SAR 1.08 bn in the same period.

BUPA ARABIA-

Tadawul-listed Bupa Arabia Cooperative Ins. (Bupa Arabia) reported a 24% y-o-y rise in its net income to SAR 1.2 bn last year, according to a disclosure to Tadawul. Meanwhile, ins. revenues grew 13.9% y-o-y to SAR 18.1 bn.

Driving the growth: Bupa Arabia attributed the rise in net income in 2024 to higher net ins. services, on the back of business growth and an increase in ins. lives. The insurer also saw a 31% y-o-y rise in net investment results, which helped offset a 10.1% increase in other operating expenses due to higher expenditure to support business growth, according to the disclosure.

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